Accord  

Product Adviser: Accord cuts rates and boosts borrowers' cashback

Product Adviser: Accord cuts rates and boosts borrowers' cashback

Accord Mortgages has reduced rates and added extra cashback on selected mortgages.

It claims the move will provide borrowers with a choice of competitive mortgage options.

As a result, the intermediary-only lender, which is part of Yorkshire Building Society, has reduced rates on 79 residential mortgages by up to 0.30 of a percentage point.

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In addition, it has doubled its £250 cashback offering on selected mortgages and added £500 cashback to a handful of home loans to help borrowers manage the upfront costs.

Homebuyers with a 5 per cent deposit can now benefit from a five-year fix at 4.40 per cent. There is no fee to pay and it comes with £500 cashback on completion and free standard valuation.

For buyers who have a larger deposit of 25 per cent there is a 1.88 per cent two-year fix with £500 cashback on completion, free standard valuation and no product fee.

Those looking to remortgage can choose the 1.75 per cent two-year fix at 85 per cent loan-to-value (LTV), which has £500 cashback on completion and free standard valuation.

Alternatively, there is a three-year fix at 2.40 per cent at 90 per cent LTV with £250 cashback on completion, free standard valuation and free legal fees. Both mortgages have a £495 fee.

At the start of the year, Accord announced that in its buy-to-let (BTL) range it was giving landlords who remortgage a £500 cashback on selected loans.

Landlords can choose from eight remortgage deals from the lender. The deals already offer free standard valuation and free legal assistance.

It said that the move was designed to help landlords manage the upfront costs of remortgaging a property.

Mortgage commentators have predicted that the BTL market will be predominately focused on remortgage lending this year.

Provider view

David Robinson, national intermediary sales manager at Accord, said: “There are a number of highly competitive deals across the mortgage market at the moment, which is great news for borrowers looking to get a great rate at the start of the year.

“We hope reducing rates and improving our cashback offerings will give brokers plenty of options when supporting clients with a range of budgets and needs.

“We know that cashback is a popular incentive choice for borrowers so they may appreciate having extra cash in their pocket when they secure their next home loan.”

Adviser view

Kevin Dunn, senior partner at Leicestershire-based Furnley House, said: “Further improvements to already competitive products is always welcome. I have been very impressed with Accord recently: an easy to use system, flexible criteria and good support. Long may it continue."

Fees and charges

£495 fee or no product fee depending on the product chosen.

Verdict

Accord has been making big changes to its proposition, rolling out more products and offerings to make it easier for advisers to use its service. So far its advisers are happy with what they are seeing.